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SkyCap Financial Reviews, Ratings And Fees 2020

Based on 4
Customer Reviews
ADDRESS
1020 Bayridge Dr Suite 104
Kingston, Ontario
K7P 2S2
BUSINESS HOURS
  • Monday to Friday 8 am - 8 pm
  • Saturday 8 am - 5:30 pm
WEBSITE
https://skycapfinancial.ca/
Presentation

Who Is SkyCap Financial

SkyCap Financial has been helping Canadian consumers take control of their financial futures since 2013. Their main goal is to provide alternative financing to all Canadians, regardless of their financial past or credit history. They provide fast and easy short-term loans ranging from $500 to $10,000 and approve applicants in as little as 24 hours.

Consumers can take advantage of SkyCap Financial’s quick application and a team of experienced individuals that strive to make your experience as smooth as possible. SkyCap Financial bases all their lending decisions on three main factors, current income, credibility, and stability, so they can approve more Canadians, especially those who have been rejected in the past based on credit issues.

Qualifying With SkyCap Financial

SkyCap Financial takes in all kinds of clients, even those who have gone through debt problems in the past or are dealing with bad credit. As such, the eligibility requirements for one of their loans are a bit more lenient than those of the average bank or credit union. 

That said, while you can still qualify if your financial health isn’t great, you may have an easier time qualifying for a favourable loan amount, repayment term, and interest rate if you apply with the following strengths:

  • A reasonable monthly/yearly income
  • A good credit score (660 – 900)
  • A decent credit history (few missed payments, etc.) 
  • A low amount of outstanding debt 
  • A solid source of employment (full or part-time)

SkyCap Financial can even offer you a loan if you’ve recently gone through a consumer proposal or personal bankruptcy. However, you must be discharged in order to qualify. 

If your finances are in particularly bad shape, you can also call SkyCap’s customer service number and ask them if you’re allowed to apply with a cosigner or collateral, either which would normally help you get a secured loan with better conditions.  

Filling Out Your SkyCap Financial Loan Application

Another great thing about SkyCap Financial is that their loan application process is relatively simple and can be done entirely online in less than 5 minutes. However, there are several personal and financial documents that you must be willing to share, such as:

  • A piece of government photo identification (passport, driver’s license, etc.)
  • Your most recent pay stub (proof of income/employment)
  • Your latest 90 days of bank statements (proof of an active bank account)
  • A pre-authorized debit form or VOID cheque (for loan deposit & payments) 

Essentially, to properly qualify with SkyCap Financial, you must be a permanent resident of Canada, be at least the age of majority in your province or territory (18 – 19+) and have a large enough income to cover any costs associated with your loan.

You must also be living in one of the following provinces or territories (check out the SkyCap Financial website for a full list of their business locations):

  • Alberta
  • British Columbia
  • Manitoba 
  • Newfoundland
  • New Brunswick
  • Northwest Territories
  • Nunavut
  • Ontario
  • Saskatchewan
  • Yukon

Noticeable Features of a SkyCap Financial Loan

Once you’re approved for your loan from SkyCap Financial, any money you qualify for will be deposited directly into your bank account shortly after. Here are a few other features you might notice when you apply for a loan through SkyCap Financial:

  • Quick approval times of 24 hours (may depend on business hours) 
  • Loan amounts of $500 – $10,000
  • Adjustrible interest rates of 12.99% – 39.99%
  • Flexible repayment plans of 9 – 36 months

SkyCap Financial offers simple personal loans that you can use for any number of expenses and repay over time through divided installments. 

Costs Associated Witha  SkyCap Financial Loan

Before you start applying for any sort of loan, it’s extremely important to find out how much your payments will cost you overall so you can factor them into your budget and save up enough money. After all, an unaffordable loan can cause serious damage to your finances and credit score, especially if you miss multiple payments. 

Here are some of the main costs you’re likely to encounter after you’ve received your loan from SkyCap Financial:

  • Loan Payments – As mentioned, SkyCap offers repayment terms of 9 – 36 months. If you have the longest term, you’ll be in debt for up to 3 years. Additionally, payments will be automatically withdrawn from your bank account. 
  • Interest – Your interest rate can significantly increase the size of your payments. Remember, having a good income, a solid credit history, and a good credit score are some of the best ways to qualify for a lower, more affordable rate. 
  • Fees – Every lender charges administrative fees along with their interest rates. These fees can include loan origination and other services, as well as penalties if you have insufficient funds in your bank account when a payment is due.

What Are The Pros and Cons of Loan From SkyCap Financial?

Before you apply, it’s also extremely important to compare SkyCap Financial with other lenders in your area, as well as to weigh the benefits and drawbacks of applying with them specifically. In this case, the main pros and cons of SkyCap Financial include:

Pros

  • Fast approval times
  • Adjustable fixed interest rates
  • Flexible repayment terms and loan amounts
  • Easy qualification requirements

Cons

  • High-interest rates may apply
  • Fees are not displayed upfront
  • Services are not available in all provinces and territories

Frequently Asked Questions

What expenses can a SkyCap Financial loan cover?

Once you’re approved for a SkyCap loan, a lump sum of liquid money will be deposited directly into your bank account. Afterward, you’re free to use said money however you like, provided you can afford to pay it back with interest and fees.  That said, debt from a loan can definitely affect your budget, so it’s best to only use the funds for important expenses, such as:
  • Home repairs or maintenance
  • Vehicle repairs or maintenance
  • Small business expenses
  • Various medical costs 
  • Utility, phone, and internet bills 
  • High-interest debt consolidation (payday loans, credit card bills, etc.)

Can I apply for a loan using collateral or a cosigner?

Although there’s no mention of loan security on the SkyCap Financial website, lenders will often allow you to provide collateral or a cosigner as a way to strengthen your application and make you eligible for better loan conditions, including a lower rate. Speak with their customer service to know if this is an option with SkyCap Financial.

Services

Offered Services

scroll table
Loan Range
Rate & Terms
Product Details
Eligibility
Requirements & Documents

Personal Loan

$500 – $10,000
Interest Rate
12.99% – 39.99%
Term (Months)
9 – 36
Funding Time
Within 24 hours
Funding Method
Direct deposit
Repayment Options
Automatic payment program
  • Canadian resident
  • Age of majority in your province
  • Proof of income (newest pay stub)
  • Lat 90 days of bank statements
  • Void cheque/ pre-authorization debit
  • Valid government-issued photo ID

Auto Loan

$500 – $10,000
Interest Rate
12.99% – 39.99%
Term (Months)
9 – 36
Funding Time
Within 24 hours
Funding Method
Direct deposit
Repayment Options
Automatic payment program
  • Canadian resident
  • Age of majority in your province
  • Proof of income (newest pay stub)
  • Lat 90 days of bank statements
  • Void cheque/ pre-authorization debit
  • Valid government-issued photo ID

Medical Loan

$500 – $10,000
Interest Rate
12.99% – 39.99%
Term (Months)
9 – 36
Funding Time
Within 24 hours
Funding Method
Direct deposit
Repayment Options
Automatic payment program
  • Canadian resident
  • Age of majority in your province
  • Proof of full time or part-time employment
  • Proof of income (newest pay stub)
  • Lat 90 days of bank statements
  • Void cheque/ pre-authorization debit
  • Valid government-issued photo ID

Equipment Loan

$500 – $10,000
Interest Rate
12.99% – 39.99%
Term (Months)
9 – 36
Funding Time
Within 24 hours
Funding Method
Direct deposit
Repayment Options
Automatic payment program
  • Canadian resident
  • Age of majority in your province
  • Proof of income (newest pay stub)
  • Lat 90 days of bank statements
  • Void cheque/ pre-authorization debit
  • Valid government-issued photo ID
Reviews

Reviews & Ratings

Is SkyCap Financial legit or a scam? See what others have to say.

These guys are awesome.

- Kate (January 15, 2020)

I had a great experience with them!

- Andrew (August 27, 2019)

This is a trusted service provider in Canada.

- Loans Canada (June 10, 2019)

Worst scam ever! Beware of these crooks…

- Danny (March 6, 2019)

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